Mathematical thinking

Types of Data

Qualitative data: A subjective and explanatory measure of a quality or characteristic

Quantitative data: A specific and objective measure, such as a number, quantity, or range.

Open data: Data that is available to the public.

Metric: A single, quantifiable type of data that is used for measurement.

Metric goal: A measurable goal set by a company and evaluated using metrics.

Return on investment (ROI): A formula that uses the metrics of investment and profit to evaluate the success of an investment.

Revenue: The total amount of income generated by the sale of goods or services.

The Data-Inspired Decision-Making

Data-inspired decision-making: The process of exploring different data sources to find out what they have in common.

Different Data Designs Help Data-Inspired Decision-Making

Data design: How information is organized.

Reports and dashboards are two types of data designs.

Report: A static collection of data periodically given to stakeholders.

Dashboard: A tool that monitors live, incoming data.

In a report, pivot table and pivot charts are commonly used.

Pivot table: A data summarization tool used to sort, reorganize, group, count total, or average data.

Pivot chart: A chart created from the fields in a pivot table.

Mathematical Thinking

Algorithm: A process or set of rules followed for a specific task

Big data: Large, complex datasets typically involving long periods of time, which enable data analysts to address far-reaching business problems.

Small data: Small, specific data points typically involving a short period of time, which are useful for making day-to-day decisions.